January-June 2002

1
January-June 2002
2
Continued growth Q2 2002
IPO
SEKm
SEKm
4 500
450
4 000
400
3 500
350
Order intake
3 000
300
2 500
250
EBIT
2 000
200
Net sales
1 500
150
1 000
100
500
50
0
0
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
1995
1996
1997
1998
1999
2000
2001
2002
Excluding Alecta (SPP) surplus refund of SEK 15
million in Q3, 2000.
3
Market development

• Continued strong demand in non-cyclical
  industries
• Europe
• Strong demand for MCS
• Strong demand from poultry industry
• Americas
• Strong demand in many areas
• Demand for Zeol-products increasing
• Low demand for MCS, mild winter, dry spring
• Difficult comparison (Allison)
• Asia
• Strong development in Thailand
• Recession in Japan

4
January-June 2002

• Order increase 19
• currency and acquisition adjusted 4
• Net Sales growth 22
• currency and acquisition adjusted 7
• Operating earnings increase 22
• Operating margin 9.1
• Currency effect SEK 2 million
• Acquisition of Polygon, Alfa, Svt in MCS
• Acquisition of Glacier-Cor and Aerotech in
  HumiCool

5
Dehumidification
Food
Preservation
Pharma
38 of Munters 2001
5
6
Dehumidification 5

• Strong development in Americas
• Zeol orders improving
• Many test installations for HCU (DryCool)

7
Moisture Control Services
Water damage restoration
34 of Munters 2001
Fire damage restoration
8
MCS 51 / 12

• The solid growth in Europe continues
• Restructuring in Australia starts to show result
• Acquisition of Svt in July
• Soft demand in USA, following the mild winter

9
HumiCool
Utilities
Poultry
28of Munters 2001
Comfort cooling
10
HumiCool 13

• Strong growth
• The Poultry Industry grows fast - expansion of
  capacity in Euroemme
• PreCoolers for Gas turbines rapidly declining
• Cost reduction program implemented within Water
• Acquisition of Aerotech, no 2 in fans in US in
  July
• Global leader in poultry cooling systems

11
Munters strategy for growth
Open new geographical markets
Grow the Service business
Global roll-out of existing applications
Integration forward
Underlying growth
12
Customer segments 2002 Proforma incl acquisitions
Other 17
Electronic 4
MCS 41
Utilities 8
Pharma 3
After sales 6
Food 21
13
Global organization
14
Net sales by Region 12 months rolling
Without acquisitions
With acquisitions
SEK 3 990 m
SEK 4 971 m
Asia 10
Asia 10
Asia 8
Europe 50
Americas 40
Americas 40
Europe 50
Europe 56
Americas 36
14
15
Net sales by Product Area 12 months rolling
With acquisitions
Without acquisitions
SEK 3 990 m
SEK 4 971 m
HumiCool 27
DH 38
HumiCool 28
DH 38
MCS 34
MCS 42
15
16
Financial overview by Quarter
SEK m
2001
2002
Q2
Q2
Growth
Q1
Q3
Q4
Q1
974
1 159
19
Order intake
960
982
1 029
1 144
Net sales
851
960
1 020
1 063
1 052
1 149
20
92
114
24
EBIT
72
100
137
86
Margin
8.5
9.6
9.8
12.8
8.2
9.9
55
65
19
Net earnings
41
59
85
49
Op. cash flow
47
105
72
245
93
121
15
(
bef.capex tax)
17
Financial overview Jan-June 2002
January-June
Growth
1998
1999
2000
2001
2002
02/01
02/98
SEK m
1 934
2 303
19
Order intake
1 179
1 303
1 675
19
1 811
2 201
22
Net sales
1 135
1 226
1 448
19
EBIT
76
90
116
164
200
22
29
1)
Margin
6.7
7.4
8.0
9.1
9.1
96
114
19
Net earnings
43
55
66
29
1)
152
178
17
Op. cash flow
86
108
140
20
18
Regional analysis JanuaryJune
Net sales Growth EBIT margin
Europe 1 235 35 7.9 Americas 783 7 12.6 Asia
221 13 10.5 Total Group 2 201 22 9.1
19
Financial overview Rolling 12 months
July - June
SEK m





Growth
99/00
00/01
01/02
98/99
20
Order intake

2 507

2 980

3 581

4 314

21
4 284

Net sales

2 492

2 816

3 542

23
437

EBIT

219

263

354

1)
10.2

Margin

8.7

9.3

10.0



27
Net earnings

135

155

203

258

1)





1) Excluding Alecta (SPP) surplus refund in Q3
2000 amounting to SEK 10.5 m after tax

19

20
Key ratios JanJune 2002

• Return on capital employed1) () 32.0 33.8
• Interest coverage ratio (times) 14.3 18.4
• Net debt (SEK m) 337 381
• Net debt/Equity ratio 0.38 0.38
• Earnings per share (SEK) 3.83 4.58

2001
2002
1) Rolling 12 months
21
Less currency effect and more acquisitions
Net sales, Jan 1- June 30 2001 1 811
Currency effect
14 1 Net sales acquisitions
258 14 Organic growth
118 7 Net sales,
Jan 1-June 30 2002 2 201 22
22
Order intake
SEK m
1 200
19
19
1994
1 100
1995
19
1996
25
1 000
1997
1998
900
1999
2000
800
2001
2002
700
600
500
400
300
200
100
0
Q1
Q2
Q3
Q4
22
23
Net sales
SEK m
1 200
20
1994
14
1 100
24
1995
28
1996
1 000
1997
900
1998
800
1999
2000
700
2001
600
2002
500
400
300
200
100
0
Q1
Q2
Q3
Q4
23
24
Backlog
SEK m
700
5
-2
1994
5
650
1995
16
600
1996
1997
550
1998
500
1999
450
2000
2001
400
2002
350
300
250
200
150
100
50
0
Q1
Q2
Q3
Q4
24
25
EBIT
SEK m
20
140
1994
130
1995
120
24
1996
110
1997
31
100
1998
1999
90
19
2000
80
2001
70
2002
60
50
40
30
20
10
0
Q1
Q2
Q3
Q4
25
26
Acquisitions
1)

• Company Munters Time Sales
• Robart MCS-EU 98 5
• Euroemme HC-EU 99 160
• Nichimen DH-AS 99 10
• Buildry MCS-EU 00 5
• Mullins MCS-AS 01 35
• Sundsvalls Totalsanering MCS-EU 01 13
• MRenov MCS-EU 01 13
• ABB/SCR HC-EU 01 10
• Glacier-Cor HC-AM 02-01 50
• Polygon MCS-EU 02-01 450
• Alfa Service MCS-EU 02-05 30
• Svt MCS-EU 02-07 180
• Aerotech HC-HC 02-07 180

1) In SEK millions
27
Acquisition of
28
Svt

• a leading PDR (Property Damage Restoration)
  supplier in Germany
• Cooperating with MCS Germany since 2 years

29
MCS in Germany
Together Munters Svt The leading PDR company
in Germany (together with Belfor and Sprint/ISS)

• Before
• The leader in Water Damage Restorationin Germany
• A leading Fire Damage Restoration supplier in
  Germany

30
PDR competition in Germany

• Top 5 players have 35 market share
• Belfor-Relectronic 60 million
• WDR FDR, mainly commercial and industrial
• Sprint Sanierung 50 million
• WDR FDR, mainly residential and commercial
• Owned by an insurance company since 1997
• -8 million operating loss in 2000
• Munters 25 million
• Only WDR, mainly residential and commercial
• Svt 20 million
• Only FDR, mainly residential and commercial
• Vatro-ISS Damage Control 10 milion
• WDRFDR, mainly residential and commercial
• Acquired by ISS in 2001

31
Svt - Basic Facts

• Started 1969 in Fire Damage Restoration,Expanded
  in Fire Protection systems in 1972
• Strategic alliance with MCS Germany since Dec.
  2000
• Restriction of MCS-DE to Water Damages
• Restriction of Svt to Fire Damages
• Common Sales Marketing activities
• Revenue 60 million in 2001
• 66 Fire Protection,
• 34 Fire Damage RestorationEBIT 12 in Fire
  Damage Restoration
• Accelerated growth since 2000

32
Svt Business Model

• Headquarter near Hamburg, 10 Business Locations
  organized in 5 regional legal entities
• 38 Branch Project managers
• Lean back-office and administration
• Tight network of well controlled subcontractors
  Svt-Leistungspartner
• Expandable modular replicable
• Strong brand and reputation

33
Present situation

• Successful cooperation since December 2000
• Accelerated growth of Svt
• New Svt reconditioning center in Hannover (June
  2001)
• Common sales and marketing with MCS

34
Strategic Fit MuntersSvt

• Underlying growth Yes
• Integration forward Yes
• Global roll out Yes
• Capitalize on service Munters becomescapabilitie
  s a leader in Germany
• Open newgeographical markets No
• Similar customer base Yes

35
Synergies

• Market
• Wider combined customer coverage
• Offer customers attractive and demanded range of
  service
• Cross selling
• Roll out Polygon concept
• Platform for Extension of Service Offer
• Document Restoration
• Technical Reconditioning
• Mould Remediation
• Efficiency
• Administration, finance
• IT
• Training

36
Deal structure

• Combined share and net asset deal
• Fixed price of 10.0 million
• Earn-out as multiple of EBIT 2002 and 2003,
  maximum 5.0 million
• Current Svt majority owner remains in Management
  until December 2003
• Consolidated in Munters from July 1st

37
Aerotech Munters becomes the world leader in
ventilation cooling systems for agriculture
horticulture
38
The Poultry Industry
CELdek Fans
The aghort industry is dominated by poultry

• 30 of the worlds meat
• consumption is poultry meat
• Estimated growth of 3 p.a
• to year 2008
• Highest feed conversion ratio
• of all meat products
• Evaporative cooling enhances productivity and
  combines low running cost and low investment
• Fastest growth in Asia and South America
• 78 of US broiler managers have ventilation
  cooling systems as the first priority for upgrade

39
Cooling systems salesbreak down (US)
Service
12
Heaters
8
Fans
39
Vents
Curtains
8
Water
Distribution
14
Pads
Controls
9
10
40
Fans for Ag/Hort Industry
Euroemme(IT)
Acme(US)
15
28
Aerotech(US)
Chore Time(US)
17
GSI (US)
5
Hired Hand(US)
5
10
American
10
Coolair (US)
10
Others
Total Market SEK 1 000 million Actual Data,
Others are Estimates
41
Cooling Pads for Ag/Hort Industry
12
15
General
Shelters (US)
Munters
Others
73
Total Market SEK 300 million
42
Integration Forward in the Ag/Hort Industry

• Before

Together
Leader of cooling systems in Europe Asia
Leader of cooling components in Americas
Global leader of ventilation cooling systems
for Agriculture Horticulture
No 2 ventilation company in US for Ag Hort
43
Munters strategy for growth
Open new geographical markets
Grow the Service business
Global roll-out of existing applications
Integration forward
Underlying growth
44
Strategic Fit MuntersAerotech

• Underlying growth Estimated 3 p.a. growth to
  2008
• Integration forward From pads to ventilation
  cooling systems
• Global roll out With Aerotech and Euroemme,
  Munters becomes undisputed leader in systems
  share
• Capitalize on service capabilities The cooling
  systems business opens after sales opportunities
  for replacement pads and parts
• Open new geographical markets Systems offerings
  now as strong in Americas as in Europe Asia

45
Synergies

• Cross selling / benchmarking Euroemme - low cost
  and Aerotech - high performance
• Offering complete ventilation cooling system
  solutions worldwide
• CELdek sales
• Materials management - cost reduction
• Rationalizing of distribution US and Asia

46
Component market vs. Systems market
1999 - Before Euroemme acquisition
2002 - After acquisition
Munters 67 of a SEK 225 million pad market
Munters 24 of a SEK 3 000 million systems market
47
Aerotech, Basic Facts

• 100 of business in AgHort
• Globally recognized as ventilation technology
  leader
• Family owned business founded in 1947
• Headquartered in Mason, Michigan
• 2 in the US
• 15 export
• Revenues USD 18 million
• Strengthening US poultry market
• JV assembly in Vietnam started 2000

48
Deal structure

• USD 5.5 million at closing (plus interest
  bearing debt of USD 2.0 million)
• Earn out for 2002 capped at USD 2.5 million
• Earn out for 2003 capped at USD 3.5 million
• Total acquisition capped at USD 10.5 million

49
The Humidity Expert